Looking to purchase above conforming loan limits ($625,000 loan, $781,250 price at 80% LTV). How does a second trust deed work? Where do I look?

Asked by Michael, Washington, DC Fri May 3, 2013

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Piero Marinu…, Agent, Silver Spring, MD
Sat May 4, 2013
Hey Michael, I'm not a lender, so I can't speak to your questions, but I wanted to recommend you give Brent Mendelson a call below.He's a smart guy and has always taken great care of my clients. Trust has never been an issue. Best of luck to you.
1 vote
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Fri May 3, 2013
Where do you want to buy? That IS the conforming loan limit for most of the DC area. It's called super conforming or conforming jumbo but Fannie and Freddie will loan on that amount in most of the DC area.
Hope this helps. Give me a call if you want a real rate quote not these internet "quotes" that you probably have seen,

Brent Mendelson
1st Mariner Mortgage
1 vote
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Mon May 6, 2013
Sure Gregorio here is my answer.
An internet quote to me is the general one size fits all quote you see all too often. I asked the client to contact me to get his credit score, type of home, location and timeframe for settlement. All items needed to give an honest, fair rate quote that can actually be delivered. No promises of a 15 day close or massive point buydown as you see online many times.

That's the difference. I don't throw rates out online as they change everyday and are different for everyone.
That to me is the differerence between what I am willing to provide and an "internet quote."

Thanks for the question.

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
0 votes
Gregorio Den…, , San Diego, CA
Sat May 4, 2013
Since you are on the internet soliciting his business, what exactly would you call the quote you are proposing to give him? Please define "internet quote."
0 votes
Nick Pakulla, Mortgage Broker Or Lender, Rockville, MD
Fri May 3, 2013
Fannie / Freddie set the limits for the high-balance or super confirming limits in the DC area, currently at $625,500. Financing above this number would entail a second mortgage to make up the difference or true jumbo (both not Fannie / Freddie), and usually portfolio / bank specific.

Many banks offer true jumbo products, terms and qualification is specific to each bank with different requirements. With 20% down you should have the best of both options. Our bank has a very good in-house second mortgage product, I'm happy to run numbers for you on the first and second split mortgage option.
0 votes
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